OREXIGEN SHAREHOLDER ALERT: Shareholder Rights Law Firm Johnson & Weaver, LLP Announces Investigation of Orexigen Therapeutic...
March 06 2015 - 11:01PM
Business Wire
Shareholder rights law firm Johnson & Weaver, LLP has
commenced an investigation into whether certain officers and
directors of Orexigen Therapeutics, Inc. (NASDAQ: OREX) violated
state or federal laws. Orexigen, a biopharmaceutical company,
focuses on the development of pharmaceutical product candidates for
the treatment of obesity.
Specifically, Johnson & Weaver’s investigation seeks to
determine whether certain statements regarding Orexigen’s business
were false and misleading when made.
On March 3, 2015, in connection with disclosing to investors the
status of certain patent applications for Contrave, Orexigen
released the interim results of its ongoing LIGHT study, despite
being specifically admonished by the FDA for doing so in the past.
As a result of Orexigen’s announcement, the price of its common
stock skyrocketed from its February 27, 2015 close of $5.79 per
share to trade as high as $9.37 per share in intraday trading on
March 3, 2015, closing that day at $7.64 per share.
On March 5, 2015, Forbes issued a report quoting an FDA official
charged with overseeing the Contrave post-market clinical trial
program. The FDA official stated that the data from the interim
study report was probably “unreliable,” “misleading,” and
“likely false,” with the Forbes report warning that “[i]f
Orexigen cannot find a way to set things right, it could face
fines, civil penalties, or even the withdrawal of Contrave from the
market.” On this news, shares of Orexigen closed down over 11%
on March 6, 2015.
If you are an Orexigen shareholder and are interested in
learning more about the investigation or your legal rights and
remedies, please contact Jim Baker
(jimb@johnsonandweaver.com) at 619-814-4471. If you
email, please include your phone number.
Johnson & Weaver, LLP is a nationally recognized shareholder
rights law firm with offices in California, New York and Georgia.
The firm represents individual and institutional investors in
shareholder derivative and securities class action lawsuits. For
more information about the firm and its attorneys, please visit
http://www.johnsonandweaver.com. Attorney advertising. Past results
do not guarantee future outcomes.
Johnson & Weaver, LLPJim Baker,
619-814-4471jimb@johnsonandweaver.com